The Maritime and Port Authority of Singapore (MPA) and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), held the annual PIER71TM1 Great Circle 20242 at the Suntec Singapore Convention and Exhibition Centre.
Guest of Honor, whichDr Amy Khor, Senior Minister of State, Ministry of Transport and Ministry of Sustainability and the Environment opened the event as the Guest-of-Honour which featured the 8th edition of the Smart Port Challenge (SPC) Grand Finals and a MarineTech startup innovation showcase. Over 400 participants attended the event, including local and international start-ups, venture capitalists, researchers, and members of the maritime community.
Since its inception in 2018, PIER71TM has nurtured over 140 MarineTech start-ups, supported by a robust network of over 60 corporate partners. These start-ups have raised over S$80 million in investments from venture capitalists, with 10 start-ups raising close to S$17 million in 2024.
Smart Port Challenge goes global, with eight international roadshows held earlier this year in key maritime hubs across America, Asia, and Europe to expand each to overseas start-ups. SPC2024 attracted a record number of close to 200 proposals from startups in 35 countries responding to the 14 challenge statements on key issues facing the global maritime industry.
Twenty-eight startups were selected to join the 12-week PIER71TM Accelerate programme. This structured accelerator programme helps startups test and validate business model and go-to-market strategies for their proposed solutions, guided by mentors and industry domain experts.
Twenty startups have secured 30 letters of intent for collaboration with Singapore-based companies, qualifying them for grants of up to S$100,000 for proof-of-concept or pilot projects with maritime companies and additional funding’ of up to S$250,000 for new product development through the MPA Maritime Innovation and Technology (MINT) Fund. A pre-event session also connected Smart Port Challenge finalists with potential funding partners.
Three participating startups, Sweden-based Cetasol, Hong Kong S.A.R-based Clear Robotics, and South Korean-based Mapsea Corporation, have also established offices in Singapore as part of their regional expansion plan.
Winners of Smart Port Challenge Grand Finals 2024
Clearbot, Open Ocean Robotics, and GT Wings emerged as the first, second and third placed winners, respectively and Thiospark Energy received a Special Mention based on quality of innovation, market potential in Singapore and the region, industry relevance, and team experience.
The judging panel comprised Cyril Ducau, Chief Executive Officer, Eastern Pacific Shipping; Teo Eng Dih, Chief Executive, MPA; and Associate Professor Chai Kah Hin, Associate Provost (Masters’ Programmes and Lifelong Education) and Vice Dean (Office of Graduate Programmes), College of Design and Engineering, NUS.
For the first time, additional awards of S$10,000 were awarded to Mapsea for Artificial Intelligence (supported by Amazon Web Services (AWS)), GT Wings for Maritime Sustainability Innovation (supported by OCBC Bank) and Planys Technologies for Smart Port (supported by PSA Singapore).
Teo Eng Dih, Chief Executive, MPA, said, “We are glad that the Smart Port Challenge is supported by global partners across innovation hubs in America, Asia and Europe. With PIER71TM expanding its outreach, this will help grow the start-up enterprise and innovation ecosystem in Singapore serving the global maritime community. I congratulate this year’s finalists and winners and look forward to seeing their solutions come to fruition.”
Professor Chen Tsuhan, Deputy President (Innovation and Enterprise), NUS, said, “PIER71TM has been evolving its programmes to stay ahead of the changing global maritime industry. By expanding our network of mentors, domain experts, and partners worldwide, we help start-ups gain better access to market validation and growth opportunities. We also value our strong partnership with MPA, our co-founding partner, as we continue to work together to drive research, innovation, talent development, and entrepreneurship across the maritime sector.”
Elsie Tan, Worldwide Public Sector Country Manager, AWS, said, “AWS is proud to be the Artificial Intelligence theme sponsor for the MPA Smart Port Challenge. This initiative brings together visionary thinkers and innovators to transform the maritime industry through cutting-edge technology. At AWS, we believe AI has the power to revolutionize port operations, drive efficiency, and foster sustainability. We’re excited to support the development of innovative solutions that will shape the future of the maritime sector.”
Angeline Teo, Head of Global Transportation, Global Corporate Banking, OCBC, said, “We are thrilled to sponsor this year’s Smart Port Challenge. This collaboration underscores OCBC’s commitment to driving maritime innovation globally and supporting our clients on their journey towards net-zero emissions. As the first Southeast Asian bank to adopt the Poseidon Principles—a global framework for assessing and disclosing the climate alignment of the shipping sector to promote its decarbonisation —we are excited to support the talented start-ups in the PIER71 cohort and industry partners to co-develop innovative decarbonisation solutions. Together, we can pave the way for greener oceans and transform maritime operations for generations to come.”
Alvin Foo, Head of PSA unboxed, Technology & Sustainability Solutions, PSA, said, “PSA is proud to support Smart Port Challenge 2024 as we believe that innovation is essential for transforming the future of port operations. Through the PSA Smart Port Prize, we aim to foster breakthrough solutions that elevate efficiency, sustainability, and resilience across the supply chain. This partnership underscores PSA’s commitment to collaborating with technology pioneers who can drive impactful change and prepare our industry for a more dynamic and sustainable future.”
